(CercleFinance.com) – Wedbush Securities announced on Friday that it had started coverage of Electronic Arts stock with an ‘outperforming’ opinion and a price target set at $164.
In a research note, the broker points out that the video game publisher has faced a number of challenges since the start of its staggered fiscal year, ranging from dollar strength to a slowing global economy.
The broker also mentions an increasingly complicated competitive environment, as well as the recent bout of weakness observed in mobile video games.
For Wedbush, these inconveniences are only temporary and the professional says he is convinced of the group’s growth potential in the long term, thanks to its sports franchises, but also its generalist titles and the opportunity represented by mobile.
The broker nevertheless believes that Wall Street’s forecasts are too ambitious for the third quarter of the 2022/2023 financial year, especially in view of the fierce competition that the game ‘Apex Legends’ encountered during the Christmas period.
Copyright © 2023 CercleFinance.com. All rights reserved.
The information and analyzes disseminated by Cercle Finance only constitute a decision-making aid for investors. The responsibility of Cercle Finance cannot be held directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional adviser before any investment. This indicative information does not in any way constitute an incitement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends with the buttons below.
